At the time of conversion a JLA holder will receive QQQX shares according to the ratio of JLA NAV value to QQQX NAV value - currently 14.21/20.20 = .703; therefore for each share of JLA if converted today you would receive .703 shares of QQQX. Market values currently indicate your .703 share of QQQX would be worth $14.477 or a premium over your previous JLA share of 5.98 %. These values are likely to change before the actual conversion date.

JLA is a reasonable CEF to hold as a defensive position regardless of the merger which would be frosting on the cake. I understand the apathy of QQQX voters as there really is no big change for them other than the possible advantages of a larger fund.

Memorial Production Partners: Production Issues Lead To An Abysmal Quarter [View article]

All boils down to trust in management. The quarter was not great but these results were not intrinsic to the business model but rather technical and other singular problems (stuck pipe, weather in Permian, etc.). The .85 DCF coverage is for 2014 which is about done, the forward call is for a 1.0 or greater coverage ratio for 2015 even with $70 oil which was reiterated in the conference call question period. MEMP has a very strong hedge book through 2019 which makes them confident in the distribution's safety even in the face of stressed energy prices. The key is the quality of execution to achieve product to fulfill the hedge contracts. If you believe that this quarter was a "one off", bad luck quarter and that the parent Memorial Resources Development is committed to the success of their progeny then the market over reaction yesterday might be considered a rare opportunity in this space to lock in 12+ % distributions with tax advantage and significant capital gain upside.